Alexis Ohanian Departs Reddit’s Board
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15 years after co-founding Reddit, Alexis Ohanian has announced his resignation from the company’s board. He made the announcement via a Twitter post that happened to also highlight racial injustice in the wake of George Floyd’s death at the hands of a police officer. In his announcement, Ohanian urged Reddit’s management to replace his board seat with a black candidate.
I’ve resigned as a member of the reddit board, I have urged them to fill my seat with a black candidate, + I will use future gains on my Reddit stock to serve the black community, chiefly to curb racial hate, and I’m starting with a pledge of $1M to @kaepernick7’s @yourrightscamp
— Alexis Ohanian Sr. 🚀 (@alexisohanian) June 5, 2020
Ohanian co-founded Reddit in 2005 and guided the company through a sale to media house Condé Nast and then as an independent subsidiary that has courted more than $500 million in external funding from investors including the likes of Tencent, Andreessen Horowitz, Sequoia Capital, and Fidelity. Reddit as a private company was valued at $3 billion after a $300 million funding round last year.
In addition to co-founding Reddit, Alexis Ohanian also co-founded a venture capital firm by the name of Initialized Capital. Initialized Capital has invested in the likes of Coinbase, Instacart, Opendoor, Flexport, Algolia, GM Cruise, and of course Reddit.